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Danfoss makes bid for Finland’s Vacon

The two Nordic countries will combine to become a "global player" in the air conditioning (AC) drives market.

Danfoss makes bid for Finland's Vacon
Photo: Claus Fisker/Scanpix
Danish engineering company Danfoss announced on Friday a bid worth 1.04 billion euros (9.7 billion kroner, $1.341 billion) for Finnish air conditioning equipment firm Vacon which, it said, was recommending its shareholders to accept.
 
The two groups said they aimed to become a "global player" in the air conditioning (AC) drives market.
 
Vacon makes drivers which control electric motors.
 
Vacon chief executive Vesa Laisi said in a joint statement that "customers will benefit significantly from the two companies joining forces" as the deal will "bring even more competitive, innovative, and attractive AC drives to the market".
 
Danfoss chief executive Niels Christiansen said in the statement: "By creating this new drives business we can ensure a strong long-term growth trajectory."
 
Danfoss specialises in refrigeration, air conditioning and heating.
 
In 2013, Vacon, which is listed on the Helsinki Stock Exchange, reported revenue of 403 million euros.
 
Vacon has about 1,600 employees in 30 countries, whereas Danfoss employs about 22,500 people in 20 countries.
 
In 2013, the Danish group posted sales of 4.5 billion euros.

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BUSINESS

Denmark’s toy giant Lego offers staff bonus after bumper year

Danish toymaker Lego, the world's largest toymaker, Denmark's Lego, said on Tuesday it will offer its 20,000 employees three extra days of holiday and a special bonus after a year of bumper revenues.

Lego is rewarding staff with a Christmas bonus and extra holiday after a strong 2022.
Lego is rewarding staff with a Christmas bonus and extra holiday after a strong 2022. File photo: Ida Guldbæk Arentsen/Ritzau Scanpix

Already popular globally, Lego has seen demand for its signature plastic bricks soar during the pandemic alongside its rapid expansion in China.

“The owner family wishes to… thank all colleagues with an extra three days off at the end of 2021,” the company said in a statement.

The unlisted family group reported a net profit of more than 6.3 billion Danish kroner (847 million euros) for the first half of 2021.

Revenues shot up 46 percent to 23 billion kroner in the same period.

It had been “an extraordinary year for the Lego Group and our colleagues have worked incredibly hard,” said the statement, which added that an unspecified special bonus would be paid to staff in April 2022.

Lego, a contraction of the Danish for “play well” (leg godt), was founded in 1932 by Kirk Kristiansen, whose family still controls the group which employs about 20,400 people in 40 countries.

READ ALSO: Lego profits tower to new heights as stores reopen

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